Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates and foreign exchange rates. Interest Rate Risk The interest rates under the 2018 Line of Credit are variable. Interest on advances under the 2018 Line of Credit bears an interest rate equal to the prime rate plus 0.125%. As of June 30, 2026, the prime rate was 6.75%. A hypothetical increase of 100 basis points in the prime rate would result in an incremental interest expense of less than $0.1 million over a three-month period, based on $15.0 million outstanding as of June 30, 2026. The 2024 Convertible Senior Notes bears an interest rate of 4.25% 37 Table of Contents Foreign Currency Exchange Risk Both Revenue and operating expense of Cardlytics U.K. Limited are denominated in British pounds. We bear foreign currency risks related to the extent that any unfavorable fluctuation in the exchange rate between U.S. dollars and the British pound could result in an adverse impact to either Revenue or expense. For example, if the average value of the British pound had been 10% lower relative to the U.S. dollar during the six months ended June 30, 2026 and 2025, our Revenue would have decreased by $1.0 million and $0.9 million, respectively. The overall impact to net loss would be partially mitigated by decreases in operating expense of $0.4 million in the six months ended June 30, 2026 and 2025.